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Modulr brings an all-in-one payment solution for the travel industry

By Gloria Mathias

June 05, 2024

  • FinTech London
  • London Payments
  • Modulr
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Modulr, Payment solutions, Travel payments, Payment solutions, Payments technology, Fintech London, UK, Payments, London Payments, Payments News, Modulr, the embedded payments platform, has announced the launch of its travel payment solution, designed to address the unique needs of online travel agents (OTAs) and travel industry intermediaries.

The new offering enhances operational efficiency, streamlines reconciliation and cash flow processes, and unlocks margin improvement opportunities within the travel sector.

The traditional payment infrastructure in the travel industry is often fragmented and outdated. It relies on multiple vendors and creates cumbersome manual processes.

Modulr’s comprehensive platform and deep payment network connectivity are engineered to overcome these challenges and are tailored to the unique needs of the travel industry. It provides a suite of solutions in a range of currencies that includes virtual cards, account-to-account transfers and customisable notifications, all supported by detailed reporting and accessible through a single API integration and an online portal tailored for travel agents.

Travel companies can benefit from an array of fixed interchange rates available with both VISA and Mastercard, allowing for customised arrangements with suppliers and responding effectively to changing customer needs. Modulr’s virtual cards are enhanced with advanced authorisation controls, ensuring every transaction is transparent, flexible, and secure.

Myles Stephenson, CEO and Founder of Modulr, stated, “Our goal is to alleviate the payment challenges experienced by the travel industry, bringing together our comprehensive suite of virtual card programs with our leading-edge payment and account issuance capability, delivering an all-in-one solution for the travel industry.”

Modulr’s platform deeply integrates into the payments ecosystem to include a full spectrum of payment functionalities, such as virtual cards, collections, disbursements, and supplier payments. It encompasses methods like Open Banking, Direct Debit, Faster Payments, Bacs, Chaps, SEPA, and SWIFT. Integrated into one seamless API and portal, this technology empowers travel companies to navigate financial complexities with confidence and strategically plan for the future.

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